What is Electronic Signature Software?

Introduction

Electronic signature (e-signature) software enables you to collect signatures on digitally shared documents, and removes the need to use physical documents to gather signatures. The platform allows you to distribute legally sensitive documents to collect e-signatures. Organizations use it to encrypt documents like employment paperwork and sales contracts for which employee, partner, or client signatures are needed.

E-signature software easily integrates with third-party solutions such as supply chain, HR management, ERP, and sales systems to facilitate supplier management, contract, and quote efforts. The tools have inbuilt security standards that meet federal and local legal requirements. This further streamlines the legal document sharing process and guarantees the legitimacy of signatures collected with the software.

E-signature software allows both senders and recipients to sign documents on a range of devices and operating systems. You can encrypt and secure shared documents and communications with other users. Plus, you can track document status and inform users about required actions such as signing, approving, etc. For security, you can define permission rights and user roles for both internal and external users (customers, partners, contractors etc.­). Finally, most platforms provide document creation and storage features or integrate with tools that provide these functionalities.

Features of Electronic Signature Software

Security

E-signature documents contain personal information which makes it essential to protect them. The software safeguards information by allowing you to secure access with proactive protection policies and multi-approved privileges.

Privacy

The software allows multiple users to utilize it simultaneously, and each of them is provided the right to selectively reveal information and perform transactions discreetly.

Compliance

E-signed documents need to comply with industry regulations, laws, standards, and policies. If an e-signed document does not comply with industry requirements, it may have legal consequences, and the company will be held responsible for activating it.

Audit Trail

This feature is essential for enforceability as it enables users to e-sign documents in a reputable and reliable manner.

Scalability

Leading e-signature tools are designed to be scalable to meet the needs of multiple industries and businesses. This allows the solution to accept a high number of documents without impacting performance.

Benefits of Electronic Signature Software

Lower Costs

By shifting to a paperless process, you can enjoy plenty of direct savings including ink, paper, shipping, and printer maintenance costs. Plus, there are also indirect savings including re-keying data, time spent on filing documents, searching for lost files, and tracking down contracts lost in the mail. An industry report reveals that 81% of e-signature software buyers saw ROI inside 12 months and 25% in less than three months.

Improved Customer Relationships

Today, customers do everything online using even mobile devices. Therefore, it has become essential for your company to provide them the convenience of being able to sign documents online without needing to download or install anything. This facility enhances your customer relationships by making it easy and fast for them to transact with your firm.

Faster Payments

Since documents are e-signed quickly and easily, there is swifter contract turnaround. Plus, it’s also simpler to speedily execute contracts that need multiple signers. The software automatically routes the documents to each signer in the workflow. With faster approval of contracts, you can get quicker payments too. In fact, a study shows that e-signatures accelerate sales cycles by up to 400%.

Monitor Progress

In the days of yore, you were left wondering whether your fax went through and whether the recipient has signed the document. With e-signature software, you are on surer ground as you can track your documents in the online dashboard. Some tools even send signers reminder emails if there is a delay in signing.

Enhanced Document Security

Paper documents could easily get lost or stolen from your office cabinet. Plus, they are vulnerable to tampering and alterations. Digital signature software helps you avoid those risks as you can protect your documents with reliable security and evidence.

The e-signatures are safeguarded with a tamper-evident seal that notifies you if the content of the document is altered after signing. Plus, the software provides a detailed event log of the e-signed documents’ lifecycle. This evidence enables you to view when each recipient signed the file, which signers downloaded the completed document, and more.